C.E. Info systems limited IPO

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(i) C.E. Info systems is a data and technology products and platforms company, offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”). They are India’s leading provider of advanced digital maps, geospatial software and location-based IoT technologies.

(ii) The company provide products, platforms, application programming interfaces (“APIs”) and solutions across a range of digital map data, software and IoT for the Indian market under the (MapmyIndia) brand, and for the international market under the (Mappls) brand

(iii) Their digital maps comprehensively cover India, and as on the date of this Draft Red Herring Prospectus, their digital maps cover 6.29 million kilometres of roads in India, representing 98.50% of India’s road network which was 6.39 million kilometres as in 2019.

(iv) Their digital map data provides location, navigation, analytics and other information for 7,933 towns, 6,37,472 villages, 17.79 million places across many categories such as restaurants, retail shops, malls, ATMs, hotels, police stations, electric vehicle charging stations etc., and 14.51 million house or building addresses.

(v) The company derive the majority of its revenue from B2B and B2B2C enterprise customers. Their business model is to charge its customers fees per period based on per vehicle, per asset, per transaction, per use case, per user, as applicable

(vi) Some of their customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (“GSTN”).

Offerings –

Map and Data:
a. Digital Maps and Geospatial Data Products

Platform and IoT:
a. Map, Location and Navigation Platforms
b. GIS, Geospatial Analytics and Geo-AI Products and Platforms
c. Location-based IoT, Fleet and Workforce Automation Products and Platforms
d. Developer APIs and SDK
e. Consumer Location-based App, Websites and Gadget
f. N-CASE Automotive and Mobility Tech Solutions Suit
g. Location-powered Consumer Tech and Enterprise Digital Transformation

Competitive Strengths
a. B2B and B2B2C market leader in India
b. Independent, global geospatial products and platforms
c. Marquee customers across sectors

Objects of the C.E. Info systems limited IPO:

The objects of the Offer is to (i) To carry out the Offer for Sale of up to 7,547,959 Equity Shares aggregating up to ₹[●] million by the Selling Shareholders (ii) Achieve the benefits of listing the Equity Shares on the Stock Exchanges.
DRHP of C.E. Info systems limited IPO
RHP of C.E. Info systems limited IPO

C.E. Info systems limited IPO Details:

Open Date: Dec 09 2021
Close Date: Dec 13 2021
Total Shares: 10,063,945
Face Value: ₹ 2 Per Equity Share
Issue Type: Book Built Issue
Issue Size: 1,039.61 Cr.
Lot Size: 14 Shares
Issue Price: ₹ 1000 - 1033 Per Equity Share
Listing At: NSE,BSE
Listing Date: Dec 21 2021

Promoters And Management:

i. Rakesh Kumar Verma, is the Chairman and Managing Director of the Company. He received his bachelor’s degree in mechanical engineering (hons.) from the Birla Institute of Technology and Science, Pilani, in 1972 and his master’s degree of business administration from the Eastern Washington University, U.S.A, in 1979. He co-founded the Company along with Rashmi Verma in 1995 and has significant experience as an entrepreneur in the field of digital maps and geospatial information technologies. He worked for 10 years in the U.S.A. from 1979-1989 in various organisations in their business functions and as faculty, including in EDS (General Motors). He is the FICCI National Committee Chair of Geospatial Technologies. ii. Rohan Verma, is the Whole-time Director and the CEO of the Company. He received his bachelor’s degree in electrical engineering from the Stanford University, U.S.A., in 2007, where he was awarded the President’s Award for academic excellence. He received his master’s degree of business administration with distinction from the London Business School, in 2015, where he was awarded the Dean’s List Award. He has experience as an entrepreneur in the digital mapping, geospatial technologies and automotive mobility technologies. iii. Rakhi Prasad, is a Non-executive Director of the Company. She holds a bachelor's degree of science in computer science from the University of Michigan and a bachelor’s degree of arts in economics honours from the Lady Shri Ram College, University of Delhi. She also holds a master’s degree of science in financial engineering from the Columbia University, U.S.A

Financials of C.E. Info systems limited IPO:

Particulars (in Cr) 2021 2020 2019
Revenue 152 148 135
Cost of materials consumed 13 13 17
Purchase of Stock in Trade 2 1 1
Change in Inventory 0.85 0.07 1.5
Employee Benefit Expense 53 64 50
Other Expenses 30 40 40
EBITDA 53.15 29.93 25.5
OPM 34.97% 20.22% 18.89%
Depreciation 9 9 9
Finance Cost 2.5 2.6 2.8
PBT 78 31 41
PAT 59 23 33
No. of shares 3.90 3.90 3.90
EPS 15.13 5.90 8.46

Comparison With Peers:

There are no listed companies in India that engage in a business similar to that of our Company.

Recommendation on C.E. Info systems limited IPO:

Review and Recommendation of MapMyIndia by InvestorZone is 6/10 1. MapmyIndia provides products, platforms, application programming interfaces (“APIs”) and solutions across a range of digital map data, software and IoT for the Indian market under the ‘MapmyIndia’ brand, and for the international market under the ‘Mappls’ brand. 2. In Financial Year 2021, they had over 500 customers on their platforms. Some of their customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (“GSTN”). 3. It is an asset-light business. And, unique business to be listed on the exchanges. So, will attract premium. 4. Mcap = 3.9*1033 = ~4000 Crores. Mcap/Sales = 26x (Looks very stretched). But as bull market is going on, decent listing gains are accepted in the IPO.

Lead Manager of C.E. Info systems limited IPO:

  1. Axis Capital Limited
  2. DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
  3. JM Financial Consultants Private Limited
  4. Kotak Mahindra Capital Company Limited

Registrar of C.E. Info systems limited IPO:

  1. Link Intime India Private Limited

Company Address:

C.E. Info systems limited First, Second, & Third Floor, Plot. No. 237, Okhla Industrial Estate, Phase- III, New Delhi 110 020, India Phone: +91 11 4600 9900 Email: cs@mapmyindia.com Website: https://www.mapmyindia.com/

Discussion on C.E. Info systems limited IPO:

7 Comments

    It is a pure-OFS…..So, all the money raised from the IPO will go to selling shareholders.

    Reply

    Expected Price band is around 700….

    EPS(FY21) = 15

    P/E = 46x

    Mcap = 3.9*700 = 2700 Crores….

    Reply

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    Reply

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